Adoption of the next annual American Numismatic Association budget has been delayed for up to three months.

President Walter Ostromecki made the announcement Oct. 22 at the opening of the first ANA board of governors meeting to be webcast.

The next fiscal year begins Nov. 1. Ordinarily a budget would be adopted before that date.

Ostromecki did not explain the reasons for the delay during the meeting. However Jake Sherlock, ANA marketing and communications director, said by telephone after the meeting that revenues were lower than projected so the board wanted to look for additional cuts or sources of revenue.

In light of this, Sherlock explained, the board opted to fund the organization just for the next three months.

Known issues that the board is facing include an expensive upgrade to the ANA website and declining revenue from the sale of auction rights at the organization’s two national conventions.

In the absence of substantive financial discussion, the board spent much of the rest of the approximately 1-1/2 hour public meeting discussing joint promotion of next summer’s World’s Fair of Money Aug. 5-9, 2014, in the Chicago suburb of Rosemont and the Royal Canadian Numismatic Association convention that begins in Toronto three days after the conclusion of the ANA show.

Former President Clifford Mishler is spearheading this effort. He said it would have little impact on the budget and any funds that might be needed he would personally raise.

The board voted to support the joint promotion with the understanding that it would not interfere with the ANA’s own efforts to improve its own show’s brand.

A report by the bylaws committee delved into the issues of length of terms for members of the board of governors, term limits and staggered terms.

There is some concern over loss of institutional memory on the board with elections held every two years, as well as the impact on the staff of the biennial uncertainty over who wins and which programs might change as a result.

Vice President Jeff Garrett pointed out that he did not think the continuity issue was of much significance.

Doug Andrews, chairman of the committee, quickly concurred that historically more governors retire than are defeated in elections.

Ostromecki hopes to bring these discussions to some formal conclusion at the Atlanta National Money Show Feb. 27-March 2.

If board comments are any guide, changes are unlikely to term limits and staggered terms are viewed negatively, leaving the extension of board terms from two years to three as the only likely change.

Ostromecki said that he wanted member input before any action is taken.

It was decided that the board will meet monthly by telephone or other means.

The board voted to adopt a new collection management policy that would allow sale of numismatic items as determined by the ANA board with funds raised going into the museum collection fund.

The board has tentatively selected Denver as the site of the summer World’s Fair of Money in 2017 after looking at Atlanta, Baltimore, Chicago-Rosemont and Philadelphia.

Endorsement was given to legislation in Congress to strike coins in 2017 to celebrate the centennial of the Panama Canal and the Pan-Pac Exhibition. Coins called for by H.R. 2760 include an octagonal gold $5 of the same design as the 1915 octagonal $50.

The board also approved opening the convention bourse floor to ANA members one-half hour before public hours begin except on opening day.